“¢ The pair remained under some selling pressure for the second consecutive session and a break below 100-hour EMA was seen as a key trigger behind today’s sharp intraday slide.
“¢ The selling pressure now seems to have abated near the 0.7300 handle support, marking 50% Fibonacci retracement level of the 0.7238-0.7363 latest leg of up-move.
“¢ Technical indicators on the 1-hourly chart have started gaining bearish momentum and hence, a follow-through selling should pave the way for the resumption of the previous bearish trend.
AUD/USD 1-hourly chart
Spot Rate: 0.7306
Daily High: 0.7349
Trend: Bearish below 0.7300 handle
Resistance
R1: 0.7315 (38.2% Fibo. level)
R2: 0.7349 (current day swing high)
R3: 0.7372 (50-day SMA)
Support
S1: 0.7273 (S3 daily pivot-point)
S2: 0.7239 (recent daily closing low)
S3: 0.7203 (multi-month low set on Aug. 15)
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